This month has been particularly busy for FCVic, with plenty happening in the advocacy space such as being asked to speak at an Inquiry into food security, culminating earlier this week in the launch of our pivotal report, Unsettled: Climate Risk and Cash Settlements in Home Insurance, marking a significant achievement for us, our members, and the broader financial counselling profession. This report draws on the critical experiences of disaster recovery financial counsellors following the October 2022 floods in Victoria, highlighting the challenges posed by insurers’ over-reliance on cash settlements, which have left many households facing significant financial losses.
As the peak body for financial counselling in Victoria, FCVic is committed to supporting the professional development of financial counsellors, promoting excellence in service delivery, and advocating for change based on the realities of hardship in our state. Our collaboration with members allows us to identify systemic issues and drive policy reforms, as seen in this report.
We were honoured to host an international audience for the launch, including participants from New Zealand, and welcomed key stakeholders from Financial Counselling Australia, community sector organisations, regulators like ASIC and AFCA, and representatives from the insurance and banking industries. The presence of these diverse voices underscores the importance of collective efforts in addressing the issues raised in our report.
The Unsettled report, supported by Consumer Affairs Victoria and the Victorian Government’s Flood Recovery Financial Counselling Program, is not just a document to be shelved. We are actively engaging with media, government, and industry to turn the report’s recommendations into actionable reforms that will better protect consumers in the face of climate-related disasters, and encourage our readers to engage with this report and share widely across your networks.
As we wrap up one event, we eagerly anticipate our next major one — our October Conference, just 40 days away. Held from October 9-11 at the Pullman Albert Park in Melbourne, this year’s conference theme, Fearless and Forthright, encapsulates the spirit of our members and the financial counselling profession. It reflects our commitment to boldly tackling challenges and advocating for fairness, integrity, and transparency within the hardship sector – all values exemplified by the Unsettled report. We hope you can join us there!